Tuesday, September 8, 2009


There seems to be a type of people who live on credit. They buy the latest items like the newest model cars, tv' s etc and do not care if they are not able to afford the items. They would just charge it to their cards or take out a new loan. This was not common in India in the 70's . But with the advent of liberalisation and entry of foreign banks, this type of people are becoming common in india, especially among those in the IT field.
Till the recent recession in the USA and the corresponding slowdown in India, banks were competing with each other in issuing credit cards. Some people would just use a credit card to waste money on the latest and costliest stuff and would then just go about paying the minimum possible on their credit card debt per month.Some people do not even understand that even a single mistake on their part or a late/ missed payment might sometimes just blow up the interest rates on their credit card debt. They sometimes fail to understand that there is no such thing as a free lunch with regard to credit card companies.
Some of the younger generation seem to have forgotten the value of frugality and the concept of living within their means.
When you use credit cards , you do not have the same feeling / care as when you count out currency notes. Also some credit card companies entice you with offers of cash back offers, free gifts etc if you buy a lot of items using your credit card. All of this sometimes leads to overspending.

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